Glencore raises 2026 marketing profit outlook, sets ASX debut

Glencore has raised its long-term profit outlook for its commodity trading business, with 2026 earnings from the division expected to exceed $5 billion. The company attributes this increase mainly to major changes in crude oil markets and assumes second-half earnings will be at the upper end of its previous guidance. To develop its new framework for long-term trading profit outlook, Glencore considered the size of inventories that can be readily sold, funding costs, and interest rates.

Based on $32.2 billion of readily marketable inventories at the end of June and a marketing funding cost of about 5%, the framework implies a mid-point of around $3.5 billion, within a range of roughly $2.8 billion to $4.2 billion.

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